Mycelium is a wallet solely for Bitcoin. The wallet is for Android and enables users to send, receive, and store Bitcoin on their mobile phone. The wallet only supports Bitcoin. The big advantages of Mycelium are users are in complete control of their private key and there is also a cold storage function. The wallet connects to the network through the Mycelium node and provides a fast connection. Users can specify the amounts to send and receive in fiat currency and complete the transactions in fiat. The wallet contains a full transaction history and creates an address book for commonly used cryptocurrency addresses. The wallet can also link with hardware devices such as Trezor, Ledger, and KeepKey.
Mycelium is a hierarchical deterministic wallet. The code for the wallet is open source and can be forked on GitHub. There is no option for users to enable two-factor authentication. Mycelium has the ability to link up with hardware devices.
The Mycelium wallet is backed by a development team which is continuously innovating the wallet. This adds a lot of features and functionality but makes it more difficult for users who are not as familiar with cryptocurrencies. Mycelium wallet is aimed at the more advanced user and provides a lot of advantages to them.
- Users are in control of their private key
- Fast connection
- Cold storage option
- Open-source code
- Development team which is constantly innovating
- Specify fiat amounts for transactions
- Links up with hardware devices
- Only supports Bitcoin
- No option for two-factor authentication